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Crypto.com Receives South Korean Regulatory Licenses After Buying Local Firms

(Seoul, South Korea) – Digital asset exchange Crypto.com said on Monday that it has acquired South Korean payment services firm PnLink Co. and virtual asset exchange OK-BIT Co.

This move has allowed Crypto.com to secure the Electronic Financial Transactions Act and a license to register Virtual Asset Service Providers in Korea. These licenses are issued to business and financial companies to conduct legal business in Korea and extend services to local people.

This is an exciting next step for Crypto.com in an important market,” Kris Marszalek, co-founder and CEO of Crypto.com, said in a statement. working with regulators to continue bringing our products and services to market, especially in countries like South Korea, where consumers have shown strong interest and acceptance. receive digital currencies,” he added.

Crypto.com did not disclose the size of the transaction or whether the company faces any regulatory hurdles.

The acquisitions come amid a downturn in the crypto market, which has prompted several major exchanges to cut jobs and revise their growth plans.

However, in the midst of the downturn, Crypto.com has made some strides to expand. It recently received regulatory approval to operate in Italy and Greece. In June, it received a license in Singapore, and in March, the exchange opened an office in Dubai.